Well Completion Equipment and Services Market by Type (Packers, Sand Control Tools, Multistage Fracturing Tools, Liner Hangers, Smart Wells, Valves & Others), by Application (Onshore & Offshore), & by Region - Global Trends and Forecast to 2021
The well completion equipment & services market is projected to grow at a CAGR of 4.31% from 2016 to 2021 to reach USD 11.09 Billion by 2021. Refracking of mature oil & gas wells and resuming shale operations are the major factors driving the market.
The report segments the well completion equipment & services market on the basis of application into onshore and offshore.
“The offshore application segment would grow at the fastest pace during the forecast period”
In terms of market, by application, the offshore application for the well completion equipment & services market is projected to grow at the fastest pace during the forecast period. The dwindling oil & gas reserves in the onshore fields have forced the operators to venture into offshore regions. This trend is likely to continue in the future as the increase in the production from the deepwater and ultra-deepwater reservoirs will drive the demand for the well completion equipment & services as well.
Complete report on well completion equipment & services market spread across 147 pages, profiling 14 companies and supported with 69 tables and 47 figures is now available at http://www.rnrmarketresearch.com/well-completion-equipment-and-services-market-by-type-packers-sand-control-tools-multistage-fracturing-tools-liner-hangers-smart-wells-valves-others-by-application-onshore-offshore-by-region-globa-st-to-2021-market-report.html
“North America & Asia-Pacific are the largest markets for well completion equipment & services”
North America& Asia-Pacific dominate the global well completion equipment & services market. In North America, the growth of the well completion equipment & services market can be attributed to factors such as shale revolution and presence of large drilled but not completed (DUC) wells, particularly in the U.S. Meanwhile, Asia-Pacific accounts for a large portion of the global oil & gas demand from both domestic and industrial sector. This demand is expected to rise further in the near future, as transportation sectors in developing countries continue to flourish. So investments are being done to increase the production capacity which in turn drives the market for well completion equipment & services in this region. Meanwhile, the deepwater discoveries will increase the demand for well completion equipment & services in Africa, the fastest growing market.
The demand for well completion equipment & services can be directly linked to the increase in rig count, well count, and upstream oil & gas expenditure. Reduction in exploratory drilling and oil price decline restrains the market growth to a certain extent, with pricing pressure issues being significant challenge of this market. However, arctic explorations offer lucrative growth opportunities for the well completion equipment & services market.
Some of the leading players in the well completion equipment & services market include Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Baker Hughes, Inc. (U.S.), Weatherford International Plc (Ireland), and National Oilwell Varco, Inc. (U.S.) among others. Mergers & acquisitions was the most common strategy adopted by the top players in the market, constituting almost one-third of the total development share. It was followed by new product launches, contracts & agreements, and expansions, respectively.
The stakeholders included in this report are as follows
• Oilfield Service Companies
• Exploration and Production Companies
• Completion Tools and Equipment Manufacturers
• Oil & Gas Field Operators
• National Oil Companies (NOCs)
• Government and Industry Associations
• Consulting Companies of the Energy and Power Sector
• Investment Banks
Companies profiled in this report are Baker Hughes Inc., FTS International, Halliburton Company, Nabors Industries Ltd., NCS Multistage, Nine Energy Services, National Oilwell Varco, Inc., Packers Plus Energy Services Inc., RPC Incorporated, Schlumberger Ltd., Superior Energy Services, Trican Well Service Ltd., Weatherford International PLC and Welltec
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The report identifies and addresses key markets for well completion equipment & services, which is useful for suppliers and OEMs to review production and distribution plans.
The report includes analysis of key countries by application of well completion equipment & services; for instance, its application in onshore and offshore fields. It analyzes historical trends and also forecast for 2021, assisting in strategic decision making.
It presents competition by analyzing recent market developments such as key contracts, new product launches, expansions, and mergers & acquisitions from the key global market players. It helps understand the competition strategies and plan respective initiatives.
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